 Martin Sorrell |
WPP boss Martin Sorrell has ended his bid to block Bain Capital's $1.3B takeover of Asatsu-DK, Japan's No. 3 ad agency.
The British ad/PR conglom, owner of a nearly 25 percent stake in ADK, had maintained that the private equity firm's offer had undervalued the assets of the Japanese agency.
Bain announced that WPP has now agreed to withdraw legal proceedings against ADK, pending the successful completion of the tender offer.
It would then discuss an investment by WPP as a non-controlling minoring shareholder, according to a report in the Financial Times.
WPP and ADK had a cross shareholder and business alliance for the past two decades.
ADK plans to sell its investment in WPP, which is valued around $550M and scout for opportunities beyond the Japanese market.
Bain's tender offer for ADK closes Dec. 6.
“We now hope ADK’s other shareholders will recognise the attractive valuation and liquidity opportunity presented in our fair and fully priced offer, and tender their shares,” David Gross-Loh, Bain managing director, said in a statement.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
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